MAJOR: India retaliates against the U.S in emergent trade war – tariffs on goods now in effect

0 2,223

NEW DELHI – Significantly increased duties on a number of products imported from the United States began to take effect in India today, as New Delhi moves against the U.S’s economic hegemony, and mirrors the losses caused by American duties on Indian goods. The relevant official document of the Ministry of Finance was published on the  Gazette of India website.

In the list of American products that came under increased duties are some varieties of apples, almonds, chickpeas, lentils, walnuts, as well as a number of other types of agricultural products.

“In total, New Delhi expects to receive about $ 240 million from the introduction of these measures. This amount actually compensates for the losses that India will incur from the introduction of additional duties by the United States on Indian goods, ” said the Economic Times newspaper.

- Advertisement -

Indian authorities previously announced their intention to increase duties on 29 US goods in June last year in response to similar actions by Washington. However, the decision was postponed while negotiations were underway with the American side.

Earlier, in March 2018 US President Donald Trump introduced import duties on steel at a rate of 25% and for aluminum at a rate of 10% at the beginning of March, but then postponed their action for the EU, Canada and Mexico. India, the second largest steelmaker in the world, has criticized this decision.

Subscribe to our newsletter
Sign up here to get the latest news, updates and special offers delivered directly to your inbox.

Get real time updates directly on you device, subscribe now.